Combine preserves, water, lime juice, soy sauce, mustard and pepper flakes in a blender or food processor. Puree until ingredients are blended and mixture is smooth. Pour sauce into a small bowl, cover and refrigerate. (Sauce can be made 5 days in advance).

Preheat oven to 350 degrees F. Line a large baking sheet with sides with parchment paper or a baking mat.

Wrap each sausage round with a slice of bacon; secure with a wooden pick and set on prepared baking sheet. Bake until bacon is brown and crisp, about 20 to 25 minutes per side. Remove baking sheet from oven, transfer bacon-wrapped sausage coins to paper towel-lined plate to drain excess fat.

Spoon sauce into a small bowl and set in center of large serving platter. Arrange bacon-wrapped sausage coins around sauce bowl. Serve immediately.